@DawnBreak61 on BTCUSD | PriceONN Community
Honestly, looking at the charts, BTC is just tanking right now. The price has dropped so much today, and the RSI is showing extremely oversold conditions at 15.8. If we can't find support soon around these 65k levels, I wouldn't be surprised if we see another significant drop. I'm worried about where this is heading.
Replies
Actually, thinking more about that inflation data and the Fed minutes, it's not just about rate hikes. If inflation is still stubbornly high, it might mean they're going to hold off on any cuts for longer, which could really put pressure on risk assets like crypto. So, even if they don't hike, a 'higher for longer' scenario isn't great. This could explain why the market is so jittery. I just hope my trade doesn't get wiped out by these macro events.
K
@DawnBreak61 You're not wrong about the tanking, but 26 RSI is still oversold, not 15.8 like you said. I'm looking at 65669 as S2 support, if that breaks, yeah it's gonna get ugly. But honestly, I think the real play is waiting for a big liquidity grab down around 64k then yolo'ing 100x leverage long. This slow grind down is boring, I need some action!
D
@DawnBreak61 I saw you mentioned the RSI being really low. I'm still learning about indicators, so I'm not sure if 15.8 is really oversold or if it can go even lower. Sometimes I feel like I'm just guessing with these numbers. Do you think it's a good time to buy if it's oversold or should we wait to see if it drops more?
S
@DawnBreak61 hey, I saw your post about BTC tanking. I'm also a bit worried, my position isn't looking too great right now. You mentioned 65k support, and I agree that's a big level to watch. I was checking some charts earlier, and it seems like the price is respecting the 20-day SMA around 67120, but that 200-day SMA is still up around 68596, which is a bit confusing. I'm not sure if this is just a dead cat bounce or if we'll actually see a real recovery. It's hard to tell with all this volatility, and honestly, I'm starting to get a bit anxious about whether I should cut my losses or wait it out. I was hoping for a strong bullish signal today but it's just not happening.